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Reporting savings income: HMRC guidance

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HMRC has published detailed guidance on reporting requirements, set out in FA 2011 Sch 23, which replace TMA 1970 ss 17 and 18. ‘Type 17 reporting requirements’ replace the provisions of section 17, and the old section 18 report has become the ‘type 18’ return. 

The European Directive on taxation of savings provides for automatic exchange of information relating to specified savings income between tax authorities. ‘The Directive is implemented in the UK through The Reporting of Savings Income Information Regulations 2003 (SI 2003/3297, as amended by SI 2005/1539) which came into effect on 1 July 2005,’ HMRC said.